Shadow banking holds $67 trillion

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November 19, 2012
| Updated: November 19, 2012 11:21pm

(FILES) The Apple company logo at the Apple store 26 June, 2007 in New York. Computing giant Apple has decided to leave the US Chamber of Commerce in protest over the organization's opposition to tough climate change rules, according to a letter published on October 6, 2009. Apple on August 20, 2012 dethroned longtime rival Microsoft as the most valuable company in history based on the value of its stock, which climbed to approximately $622 billion. Apple's stock began a steady climb late last week and hit a new high of $664 a share during Monday trade on the Nasdaq exchange amid rumors the tech giant is poised to release new versions of iPhone, iPad, and Apple TV devices. AFP PHOTO/ Don EMMERT /FILESDON EMMERT/AFP/GettyImages

Number of the day

$67 trillion

That's how much money is held in "shadow banking," $6 trillion more than previously thought, according to the Financial Stability Board. The growth of the industry - including off-balance-sheet investment vehicles, money-market funds and monoline insurers - is spurring global regulators to seek more oversight. Shadow banking isn't covered by traditional financial controls, and watchdogs are concerned that it may be used by banks to evade a clampdown on excessive risk taking. Story on page D2.

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Brian White, an analyst at Topeka Capital Markets, on why he thinks Apple stock is a buy after falling more than $170 a share in two months. In a research note Monday, White points to brisk demand for the iPhone and iPad, "attractive long-term growth opportunities" and Apple's "ability to distribute significant cash flow to investors." The shares jumped $38.05, or 7.2 percent, to close at $565.73.

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The business of the arts - and why it matters to San Francisco - is the subject of a Tuesday noontime panel featuring Randy Cohenof the advocacy group Americans for the Arts. He'll discuss the nonprofit's latest study and how arts and culture generated $710 million in economic activity for the city, supporting the equivalent of almost 20,000 full-time jobs. The event is presented by the Chamber of Commerce, San Francisco Arts Commissionand the city's Hotel Tax Fundat the chamber's offices at 235 Montgomery St. Details: bit.ly/SZLXog.